(NC) — As the deadline approaches and small businesses race to file their taxes on time, below are some Dos and Don'ts to stay organized and file your returns on time.
• Backup your records – Making copies of all the receipts and invoices you are filing will ensure you have the proper documentation in place should you be selected for review. Scanners are ideal for this reason, according to equipment company, Brother Canada. The Brother ADS 2000 scanner is certainly an option to consider! This type of equipment makes sure the entire process is quick and painless.
• Conduct research - Knowing which business expenses can be written off helps you save as much money as possible. For example, consider all of the new office equipment purchased in the past year, such as printers and scanners.
• Use the right tools – Whether it's a type of software to help you organize your expenses or the right office equipment to get you through your printing, copying and scanning needs, having the right tools can help you file your taxes on time and without mistakes.
• Miss deadlines –Income tax penalties can be especially painful in today's market. Even if your taxes are due after April (depending on how your business is structured you may have until June 15), be sure to file well in advance as you still need to pay any income tax due by April 30.
• Mix business and personal - Filing your business and personal expenses at the same time can lead to mistakes and confusion. These two should be treated completely separately, especially if you're working out of a home office.